I'll confess that I never got used to the noise of the baby sleeping in the same room - I'm a very light sleeper I think, but also somewhat paranoid and used to wake at every snort and snuffle and then lie there for hours trying to go back to sleep. Absolutely shattering.
This may sound terrible, but I actually used ear-plugs. You will STILL hear any kind of cry from the baby, which in my case was enough to wake me instantly, but it just drowns out the non-stop snuffle, snort, breathing sounds to a gentle background noise. Plus the baby still gets the benefit of being in the same room as you. And I didn't use them all the time, just when desperate and starting not to function due to total exhaustion. And my partner didn't use them. Maybe you could take turns.